NEW DELHI, June 28, 2022 /PRNewswire/ -- Castler, a global escrow platform for enterprises, offering domestic and cross-border solutions has announced its $1 million seed funding round led by Zerodha's Rainmatter, with participation from Venture Catalysts, 9Unicorns, Faad Network and LetsVenture.
Castler will use the funds to further expand its domestic & cross-border escrow product portfolio, go live with 10 more banks and grow its business by 10x over the next year.
Founded in 2021, Castler offers a unique Escrow Management TSP solution for Enterprises and Banks and is the trusted escrow solution for over 150+ enterprises and manages over INR 1000+ crores ($130 Mn) in transactions every month.
"Three pillars of building a banking/fintech business are Trust, Security and Technology. Our simplified, technology-fuelled platform and high-calibre experienced team have allowed us to think and plan like a large organization but execute like a startup and this is imperative for the space that we operate in. With this funding round, we look forward to continued growth at breakneck speed," said Vineet Singh, Founder of Castler.
Castler has partnered with 9 leading Indian and Global Banks to provide a wide array of banking services.
Commenting on his investment, Nithin Kamath, Founder of Zerodha & Rainmatter said, "We've regularly seen teams struggling to deal with banks around operating escrow accounts. Castler is solving a real pain point around escrow account solutions, which have multiple use cases across financial transactions, and we're excited to be partnering with them on their journey."
Being an early mover, Castler is now in the pole position to dominate the Escrow Banking space which is poised to be $250 Bn by 2030 and also democratize the product for mass usage and adoption amongst Consumers and MSMEs.
Castler has previously raised a $500K idea-stage pre-seed round from Venture Catalysts, 9Unicorns, LetsVenture and AngelList. Castler is also backed by leading angels such as Naveen Kukreja, Co-Founder & CEO Paisabazaar, Dhruv Agarwala, CEO-REA India (Founder-Housing.com & Proptiger), Apurva Salarpuria, Salarpuria Family Office, Archana Priyadarshini, General Partner at Pointone Capital, Vivek Khare, Ex-CorpDev Head at Info Edge (Investor in Zomato & PolicyBazaar), Deepak Gaddhyan, Chief Credit Officer (Wholesale) at RBL Bank, Ajay Rajan, Senior Group President, Yes Bank and other renowned Angels.
Dr. Apoorva Ranjan Sharma, Founder, Venture Catalysts & 9Unicorns and a returning investor, said, "Castler is an outlier in our large portfolio as Vineet wanted to become profitable in the very 1st year. And the 12 people Castler Team have done wonders and they are almost at break-even at the end of their first year itself. We are strong believers in the Castler Team's ability to execute and build a large and profitable business."
Castler is a global escrow platform poised to dominate the $250 Bn escrow banking space and democratize the product for mass usage and adoption amongst Consumers and MSMEs. Read more on www.castler.com